Friday, March 5, 2010

Who Says Econ 100 Would Never Come In Handy?

Taken and introductory economics course? Remember the difference between the federal funds rate and the discount rate? Congratulations! You are officially more qualified to serve on the House Committee on Financial Services than a representative with 19 years of prior experience.

Watch in horror as a distraught Ben Bernanke tries to explain the distinction to Rep. Maxine Waters (D-Calif.), a woman who has served on the committee since 1990.

This exchange brought to you by the committee tasked with overseeing "all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities."